GTM Payroll launches insurance arm to compete with outside firms

CLIFTON PARK —A Clifton Park company, specializing in payroll and human resources services, has expanded into the insurance industry to address what it considers a gap in locally owned insurance companies.

GTM Payroll Services has run GTM Insurance Agency separately since June. Executives said the new company offers clients access to a wide range of products and services from both local carriers like MVP Healthcare, CDPHP, Highmark, along with national firms like The Hartford, Prudential and Travelers Insurance.

Guy Maddalone, GTM Payroll Services’ founder and CEO, said being a Capital Region-based company allows them to provide better support to local businesses. Their local staff can “come over to your business and look you in the eye and understand what your concerns are,” Maddalone said. “They could advocate on your behalf.”

Founded in 1991, GTM Payroll Services offers workers’ compensation insurance with flexible premium payments based on current payroll and workforce. Employees working for clients select benefits online through a payroll application, and the company’s system notifies carriers when employees leave, preventing excess insurance premium payments.

“We’re helping clients with managing their payment frequency by putting them on more of  a ‘pay-as-you-go’ type method. And then we’re helping them with their audits at the end of the year with the payroll records,” Maddalone said. “So it only makes sense that we provide the insurance selection to help cover their risks by incorporating both of them.”

The new insurance company customizes business solutions for each client’s unique needs by working with its range of providers.

Offered products include business liability, employment liability and cybersecurity insurance. The company also provides a range of employee benefits such as health, dental, vision, life insurance, flexible spending accounts, and transportation and commuter benefits.

Maddalone said the company has committed about $500,000 for the expansion, funding it from its reserves.

GTM Insurance Agency is staffed by a team of  professionals led by Ed Catalano. He has more than 20 years of experience in the insurance industry, serving in claims representative and management roles. He also has experience managing claims for multiple Fortune 500 insurance carriers.

“The more successful service that we provide our clients, the better our retention will be,” Catalano said.